Currency speculators remain short large quantities of the euro, the British pound, as well as smaller net shorts in the Canadian Dollar and the Swiss Franc. Against thes positions, they are long the USD. They are also long the DI futures contract, 49,403 contracts, which gives them a total USD long of 211,140, compared with 223.415 in the previous week.
Despite European efforts to find solutions to their many financial problems, the speculator short in the euro grew. The cut off day for this COT report is the close of futures trading on Tuesday. Futures trade for the first two days of the new week have shown increases, a sign that specs are continuing to sell the euro.
In the yen, the large specs had been long the yen, by default short the USD, but they reduced their long yen contract by over 10K contracts.
Fears that a global economic slowdown might negatively influence the Australian Dollar value, had resulted in liquidation and a sell-off in the Aussie. More recently, the large spec, often hedge funds, reemerged as a buyer, and now has a long of over 22.5K contracts. A large change in the open interest, should it happen, will give us clues about the futures direction of this market.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
